Hotchkis & Wiley Capital Management LLC Decreases Position in The Bank of New York Mellon Corporation $BK

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Bank of New York Mellon by 21.5%, selling 921,875 shares and owning approximately $281.8 million worth of stock as of the latest quarter.
• The Bank of New York Mellon announced an increase in its quarterly dividend from $0.47 to $0.53, indicating strong financial performance with a net margin of 12.27%.
• Research analysts have generally rated Bank of New York Mellon positively, with eight analysts giving it a Buy rating and an average target price increase to $95.08.

Hotchkis & Wiley Capital Management LLC decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,360,016 shares of the bank's stock after selling 921,875 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.47% of Bank of New York Mellon worth $281,805,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its position in Bank of New York Mellon by 15.5% during the first quarter. Smartleaf Asset Management LLC now owns 6,201 shares of the bank's stock worth $513,000 after buying an additional 833 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Bank of New York Mellon by 170.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 104,037 shares of the bank's stock worth $8,726,000 after buying an additional 65,588 shares during the period. Haverford Trust Co increased its position in Bank of New York Mellon by 4.3% during the first quarter. Haverford Trust Co now owns 3,133 shares of the bank's stock worth $263,000 after buying an additional 130 shares during the period. Sax Wealth Advisors LLC increased its position in Bank of New York Mellon by 2.3% during the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock worth $443,000 after buying an additional 117 shares during the period. Finally, Allstate Corp increased its position in Bank of New York Mellon by 55.7% during the first quarter. Allstate Corp now owns 33,599 shares of the bank's stock worth $2,818,000 after buying an additional 12,024 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.54 during trading on Wednesday, reaching $105.13. The company's stock had a trading volume of 2,384,269 shares, compared to its average volume of 4,175,284. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a 12-month low of $66.01 and a 12-month high of $105.51. The company has a market capitalization of $74.14 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. The business has a 50 day moving average price of $97.52 and a 200-day moving average price of $88.89.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the business earned $1.51 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BK shares. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Evercore ISI lifted their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Truist Financial lifted their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Morgan Stanley lifted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.